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intermediate accounting ifrs 4th edition

Questions and Answers of Intermediate Accounting IFRS 4th Edition

Salen Ltd. finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2022, it assigned, under guarantee, specific accounts amounting to ¥150,000,000.
On October 1, 2022, Chung Group assigns ¥1,000,000 of its accounts receivable to Seneca National Bank as collateral for a ¥750,000 note. The bank assesses a finance charge of 2% of the receivables
Braddock Inc. had the following long-term receivable account balances at December 31, 2021.Note receivable from sale of division ......... $1,500,000Note receivable from officer
On July 1, 2022, Moresan Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Moresan will receive interest at the prevailing
On December 31, 2022, Regent plc rendered services to Begin Group at an agreed price of £102,049, accepting £40,000 down and agreeing to accept the balance in four equal installments of £20,000
At the end of 2022, Sorter plc has accounts receivable of £900,000 and an allowance for doubtful accounts of £40,000. On January 16, 2023, Sorter determined that its receivable from Ordonez
On January 1, 2022, Deng Acrobats lent NT$16,529 to Donaldson, Inc., accepting Donaldson’s 2-year, NT$20,000, zero-interest-bearing note. The implied interest rate is 10%. Prepare Deng’s journal
On September 30, 2022, Rolen Machinery Co. sold a machine and accepted the customer’s zero-interestbearing note. Rolen normally makes sales on a cash basis. Since the machine was unique, its sales
On October 1, 2022, Arden Farm Equipment Company sold a pecan-harvesting machine to Valco Brothers Farm. In lieu of a cash payment Valco Brothers Farm gave Arden a 2-year, $120,000, 8% note (a
Duncan SA reports the following financial information before adjustments.InstructionsPrepare the journal entry to record bad debt expense assuming Duncan estimates bad debts at (a) 5% of
Milner Family Importers sold goods to Tung Decorators for $30,000 on November 1, 2022, accepting Tung’s $30,000, 6-month, 6% note. Prepare Milner’s November 1 entry, December 31 annual adjusting
Corrs Wholesalers Co. sells industrial equipment for a standard 3-year note receivable. Revenue is recognized at time of sale. Each note is secured by a lien on the equipment and has a face amount
The statement of financial position of Stancia SA at December 31, 2021, includes the following (in thousands).Transactions in 2022 include the following.1. Accounts receivable of R$138,000 were
Presented below is information from Lopez Computers.InstructionsPrepare the necessary journal entries for Lopez Computers. July 1 Sold R$30,000 of computers to Smallwood Company with terms 3/15,
Valasquez SA sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken
The following is information related to the Accounts Receivable accounts of Gulistan AG during the current year 2022.1. An aging schedule of the accounts receivable as of December 31, 2022, is as
On June 3, Bolton plc sold to Arquette Company merchandise having a sales price of £2,000 with terms of 2/10, n/60. An invoice totaling £90, terms n/30, was received by Arquette on June 8 from John
Wilton, AG had net sales in 2022 of €1,400,000. At December 31, 2022, before adjusting entries, the balances in selected accounts were Accounts Receivable €250,000 debit, and Allowance for
Part 1: On July 1, 2022, Wallace Company, a calendar-year company, sold specialorder merchandise on credit and received in return an interest-bearing note receivable from the customer. Wallace
From inception of operations to December 31, 2022, Fortner plc provided for uncollectible accounts receivable under the allowance method. The provisions are recorded based on analysis of customers
Your accounts receivable clerk, Mary Herman, to whom you pay a salary of $1,500 per month, has just purchased a new Audi. You decided to test the accuracy of the accounts receivable balance of
Pique AG shows a balance of €241,140 in the Accounts Receivable account on December 31, 2022. The balance consists of the following.Installment accounts due in 2023
Kimmel Company uses the net method of accounting for sales discounts. Kimmel also offers trade discounts to various groups of buyers.On August 1, 2022, Kimmel sold some accounts receivable on a
The following are a series of unrelated situations.1. Halen Company’s unadjusted trial balance at December 31, 2022, included the following accounts.Halen Company estimates its bad debt expense to
Restin plc uses the gross method to record sales made on credit. On June 1, 2022, it made sales of £50,000 with terms 3/15, n/45. On June 12, 2022, Restin received full payment for the June 1 sale.
The financial statements of adidas (DEU) and Puma (DEU) are presented in Appendices B and C, respectively. The complete annual reports, including the notes to the financial statements, are available
The financial statements of M&S (GBR) are presented in Appendix A. The company’s complete annual report, including the notes to the financial statements, is available online.InstructionsRefer
Francis Equipment AG closes its books regularly on December 31, but at the end of 2022 it held its cash account open so that a more favorable statement of financial position could be prepared for
The controller for Wallaby plc is attempting to determine the amount of cash and cash equivalents to be reported on its December 31, 2022, statement of financial position. The following information
Kraft Enterprises owns the following assets at December 31, 2022.Cash in bank—savings account ................... €68,000Cash on hand .....................................................
Property and casualty insurance companies have been criticized because they reserve for a total loss as early as 5 years before an eventuality. Tax authorities have joined the debate because they say
Answer the following questions. a. On May 1, 2022, Goldberg Company sold some machinery to Newlin Company on an installment contract basis. The contract required five equal annual payments, with
Rual Fernandez borrowed $90,000 on March 1, 2020. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2030. To retire this debt, Rual plans to contribute to a
Wong Ltd. issues HK$2,000,000 of 7% bonds due in 10 years with interest payable at year end. The current market rate of interest for bonds of similar risk is 8%. What amount will Wong receive when it
At the end of 2022, Sawyer SE is conducting an impairment test and needs to develop a fair value estimate for machinery used in its manufacturing operations. Given the nature of Sawyer’s production
Calder, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its
Danny’s Lawn Equipment sells highquality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2022, Danny sold $300,000 of new specialty mowers for golf greens for which
Messier SA manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company’s bikes.
Kehoe AG owes €40,000 to Ritter Company. How much would Kehoe have to pay each year if the debt is retired through four equal payments (made at the end of the year), given an interest rate on the
Answer the following questions related to Dubois Inc.a. Dubois Inc. has $600,000 to invest. The company is trying to decide between two alternative uses of the funds. One alternative provides $80,000
Using the appropriate interest table, answer each of the following questions. Each case is independent of the others.a. What is the future value of €9,000 at the end of 5 periods at 8% compounded
Using the appropriate interest table, provide the solution to each of the following four questions by computing the unknowns.a. What is the amount of the payments that Ned Winslow must make at the
Assume the following information for Alta Gas (CAN). In 2021, Alta estimated the cash inflows from its oil- and gas-producing properties to be $375,000 per year. During 2022, a write-down caused the
Answer each of these unrelated questions.a. On January 1, 2022, Yang Ltd. sold a building that cost ¥25,000,000 and that had accumulated depreciation of ¥10,000,000 on the date of sale. Yang
Presented below is information reported by Christian Dior (FRA) related to its off-balance-sheet commitments in its 2018 annual report. Christian Dior reported current assets of €29,585 and total
Below are the titles of a number of debit and credit accounts as they might appear on the statement of financial position of Hayduke ASA as of October 31, 2022.InstructionsSelect the current asset
In an examination of Arenes Corporation as of December 31, 2022, you have learned that the following situations exist. No entries have been made in the accounting records for these items.1. The
What are some of the techniques of disclosure for financial statement information?
The assets of Fonzarelli SpA are presented as follows (amounts in thousands).InstructionsIndicate the deficiencies, if any, in the foregoing presentation of Fonzarelli’s assets. Fonzarelli SpA
The following is the statement of financial position of Rasheed Brothers Corporation (amounts in thousands).InstructionsEvaluate the statement of financial position presented. State briefly the
The partner in charge of the Kappeler Corporation audit comes by your desk and leaves a letter he has started to the CEO and a copy of the cash flow statement for the year ended December 31, 2022.
Presented below is the statement of financial position of Sargent Corporation for the current year, 2022.The following information is presented.1. The current assets section includes cash $150,000,
How does information from the statement of financial position help users of the financial statements?
Harding NV has the following accounts included in its December 31, 2022, trial balance: Accounts Receivable €110,000, Inventory €290,000, Allowance for Doubtful Accounts €8,000, Patents
Presented below are a number of statement of financial position items for Montoya SA, for the current year, 2022.InstructionsPrepare a classified statement of financial position in good form. Share
What is meant by solvency? What information in the statement of financial position can be used to assess a company’s solvency?
Koch AG’s adjusted trial balance contained the following asset accounts at December 31, 2022: Cash €7,000, Land €40,000, Patents €12,500, Accounts Receivable €90,000, Prepaid Insurance
The adjusted trial balance of Asian-Pacific Ltd. and other related information for the year 2022 are presented below amounts in thousands.Additional information:1. The average-cost method of
Included in Outkast Company’s December 31, 2022, trial balance are the following accounts: Prepaid Rent $5,200, Held-for-Collection Securities $56,000, Unearned Service Revenue $17,000, Land Held
The statement of financial position of Kishwaukee Ltd. as of December 31, 2022, is as follows.Note 1: Goodwill in the amount of £120,000 was recognized because the company believed that bookvalue
Lowell Company’s December 31, 2022, trial balance includes the following accounts: Inventory $120,000, Buildings $207,000, Accumulated Depreciation—Equipment $19,000, Equipment $190,000, Land
Crane Ltd. has the following accounts included in its December 31, 2022, trial balance: Trading Securities £21,000, Goodwill £150,000, Prepaid Insurance £12,000, Patents £220,000, and Franchises
Bruno SpA has decided to expand its operations. The bookkeeper recently completed the following statement of financial position in order to obtain additional funds for expansion.InstructionsPrepare a
Lansbury Inc. had the statement of financial position shown below at December 31, 2021.During 2022, the following occurred.1. Lansbury Inc. sold part of its investment portfolio for $15,000. This
Patrick Corporation’s adjusted trial balance contained the following asset accounts at December 31, 2022: Capitalized Development Costs $18,000, Prepaid Rent $12,000, Goodwill $50,000, Franchise
The bookkeeper for Liba Ltd. has prepared the following statement of financial position as of July 31, 2022 (amounts in thousands).The following additional information is provided.1. Cash includes
Luo Ltd. had the following statement of financial position at December 31, 2021 (amounts in thousands). During 2022, the following occurred.1. Luo liquidated its non-trading equity investment
Thomas Corporation’s adjusted trial balance contained the following liability accounts at December 31, 2022. Bonds Payable (due in 3 years) $100,000, Accounts Payable $72,000, Notes Payable (due in
Presented below are selected accounts of Aramis SE at December 31, 2022.The following additional information is available.1. Inventory is valued at lower-of-cost-or-net realizable value using FIFO.2.
Included in Arco A.¸S.’s December 31, 2022, trial balance are the following accounts: Accounts Payable 220,000, Pension Liability 375,000, Advances from Customers 41,000, Bonds Payable 371,000,
Pascal Corporation is preparing its December 31, 2022, statement of financial position. The following items may be reported as either a current or non-current liability.1. On December 15, 2022,
The current assets and current liabilities sections of the statement of financial position of Jin Liu Ltd. appear as follows (amounts in thousands).The following errors in the company’s accounting
Hawthorn AG’s adjusted trial balance contained the following accounts at December 31, 2022: Retained Earnings €120,000, Share Capital—Ordinary €750,000, Bonds Payable €100,000, Share
Mary Pierce is the controller of Arnold Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year.a. Bonuses to key
Stowe SE’s December 31, 2022, trial balance includes the following accounts: Share Capital—Ordinary €70,000, Retained Earnings €114,000, Trademarks €31,000, Share Capital— Preference
Presented below is the adjusted trial balance of Abbey plc at December 31, 2022.Additional information:1. Net loss for the year was £2,500.2. No dividends were declared during
Presented below is the trial balance of Vivaldi SpA at December 31, 2022.InstructionsPrepare a statement of financial position at December 31, 2022, for Vivaldi SpA. Ignore income taxes. Debit Credit
Manchester United sold 10,000 season tickets at £2,000 each. By December 31, 2022, 8 of the 20 home games had been played. What amount should be reported as a current liability at December 31, 2022?
Ames Ltd. reported 2022 net income of HK$151,000. During 2022, accounts receivable increased by HK$13,000 and accounts payable increased by HK$9,500. Depreciation expense was HK$44,000. Prepare the
Martinez SA engaged in the following cash transactions during 2022.Sale of land and building ........................... R$191,000Purchase of treasury shares ............................
The comparative statements of financial position of Lopez Inc. at the beginning and the end of the year 2022 appear as follows.Net income of $34,000 was reported, and dividends of $13,000 were paid
Presented below is a condensed version of the comparative statements of financial position for Yoon Ltd. for the last 2 years at December 31 (amounts in millions).Additional information:Investments
A comparative statement of financial position for Orozco AG is presented below.Additional information:1. Net income for 2022 was €105,000.2. Cash dividends of €40,000 were declared and paid.3.
Chekov Corporation’s statement of financial position at the end of 2021 included the following items.The following information is available for 2022.1. Net income was $55,000.2. Equipment (cost
The comparative statements of financial position of Menachem NV at the beginning and end of the year 2022 appear below.Net income of €34,000 was reported, and dividends of €23,000 were paid in
Net income for the year for Carrie, Inc. was $750,000, but the statement of cash flows reports that net cash provided by operating activities was $860,000. What might account for the difference?
Each of the following items must be considered in preparing a statement of cash flows. Indicate where each item is to be reported in the statement, if at all. Assume that net income is reported as
Sergey SpA has net cash provided by operating activities of €1,200,000. Its average current liabilities for the period are €1,000,000, and its average total liabilities are €1,500,000. Comment
Net income for the year for Tanizaki, Inc. was $750,000, but the statement of cash flows reports that net cash provided by operating activities was $860,000. Tanizaki also reported capital
Answer the following multiple-choice questions. 1. IFRS stands for:a. International Federation of Reporting Services.b. Independent Financial Reporting Standards.c. International Financial
What are the major financial statements, and what is the difference between financial statements and financial reporting?
Hardly a day goes by without an article appearing on the crises affecting many of our financial institutions. It is estimated that the financial crisis of 2007–2008, for example, caused a deep
What is meant by general-purpose financial statements?
What is IOSCO?
Rank from most authoritative to least authoritative the following three items: Conceptual Framework for Financial Reporting, International Financial Reporting Standards, and International Financial
Does management stewardship have a role in the objective of financial reporting? Explain.
Your friend (not an accounting major) thinks that prudence in the Conceptual Framework means being conservative. Do you agree? Explain.
Fill in the blanks related to the following statements.1. Financial reporting imposes __________; the benefits of financial reporting should justify those __________.2. The information provided by
Briefly describe the three bases for measuring current value.
What is a performance obligation, and how is it used to determine when revenue should be recognized?

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